For Each of the Following, Identify in Column 1 the Category

question 63

Essay

For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, in Column 3 the financial statement(s)on which the account balance is reported, and in Column 4 the account's nature (permanent/temporary).
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Definitions:

Inflation Rate

The frequency at which the universal cost for goods and services climbs, consequently eroding purchasing efficacy.

George W. Bush

43rd President of the United States, serving from 2001 to 2009, known for his responses to the 9/11 terrorist attacks and initiating the Iraq War.

Federal Budget Deficit

The deficit that occurs when the government's spending surpasses its income within a fiscal year.

Federal Budget Surpluses

Occurs when the government's revenues exceed its expenditures during a fiscal year.